About

Features of Money

Functions of Money:
Money is something which people generally accept in exchange for a good or a service. Money performs four main functions: a medium of exchange for buying goods and services;
a unit of account for placing a value on goods and services; a store of value when saving;
a standard for deferred payment when calculating loans.
Properties or Characteristics of Money
Any item which is going to serve as money must be:
acceptable to people as payment;
scarce and in controlled supply
stable and able to keep its value
divisible without any loss of value
portable and not too heavy to carry.
Origins of MoneyThe earliest method of exchange was barter in which goods were exchanged directly for other goods. Problems arose when either someone did not want what was being offered in exchange for the other good, or if no agreement could be reached over how much one good was worth in terms of the other. Valuable metals such as gold and silver began acting as a medium of exchange. Governments then decided to melt down these metals into coins. By the seventeenth century people were leaving gold with the local goldsmith for safe keeping. Receipts of £1 and £5 were issued which could then be converted back into gold at any time. Soon these receipts were recognised as being 'as good as gold' and were readily taken in exchange for goods. Goldsmiths became the first specialist bankers and their receipts began to circulate as banknotes. Only the Bank of England can now issue banknotes in England and Wales. However, notes are not usually used to buy expensive items such as cars. The buyer is more likely to write out a cheque, which instructs his bank to transfer money from his account into the account of the seller. Hence bank deposits act as money. Commercial Banks

Banks are authorised institutions and perform four functions. They accept deposits, make loans, arrange payment of bills and provide a number of...

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Introduction:
A slang phrase for credit cards, especially when such cards used to make purchases. The "plastic" portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. The "money" portion is an erroneous reference to credit cards as a form of money, which they are not. Although credit cards do facilitate transactions, because they are a liability rather than an asset, they are not money and not part of the economy's money supply.
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Medium of exchange – enables people to exchange goods and services for other commodities
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Measure of value – it enables us to compare the value of various goods and services- 11 computers =1 car
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* A – Before money existed people had to use the barter system to exchange their products and services. Barter meant the direct exchange of goods.
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...WHAT IS PLASTIC MONEY?
•Plastic money are the alternative to the cash or the standard ‘Money'.
•Plastic money is the generic term for all types of bank cards, credit cards, debit cards, smart cards, etc.
DEFINITION
The :plastic” portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. The money portion is an erroneous reference to credit cards as a form of money, which they are not. Although credit cards do facilitate transactions, because they are a liability rather than an asset, they are not money and not part of the economy’s money supply.
INTRODUCTION:
Paper money was first used in China around the seventh century AD, only to be outlawed in 1455. The use of folding currency re-emerged in England in 1694. The biggest problem which was occurring with the paper note is the wear; the paper note has very small life due to shifting of ownership by time to time and their usage. Firstly Australia was the first who develop the plastic note which have longer life but after wore they are recycled for further utilizing. The plastic notes also secure the government for copying because paper note easily copied but plastic note cannot be copied.
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INSTRUCTIONS
Answer each of the following questions in complete paragraphs of at least 150 words.
QUESTIONs
.1 On a scale of 1 to 10, with 1 equaling love it, and 10 equaling hate it, rate your feelings about speaking in front of groups. Explain your reasons for this rating.
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